4 Ps of Marketing Assignment Help
Product: Product is any tangible object or any service (intangible) that is manufactured or created to satisfy the consumer needs. It has to have the product variation and the differentiation for different markets. Also the products must be reviewed time to time for its obsolesce and must be discarded with the view of market needs known as product elimination. Similarly, with growing market needs and evolving consumer tastes, companies must innovate their products (Kotler & Armstrong, 2010).
Price: is the amount of money that is paid by the customer to seller which varies on different distribution channel (Kotler & Armstrong, 2010). Several factors have impact while determining the price of the product or service, which are an organization’s market share, the number and strategy of the competitors, the raw material costs and most importantly the perception of the product value in the eyes of the customer.
There are various pricing methods used by Organization’s currently
Cost recovery Pricing: Is the pricing method followed by marketers such that they recover the cost of the product and put a small profit margin on it to finalize the pricing of the product. For example some firm incurred the cost of $100 per product they would like to have a profit of $20, then the pricing will be $120.
Penetration Pricing: is the pricing method, in which the price is decreased abruptly so to penetrate the market and achieve greater market share. Company with deep pockets when entering a new market often practices this pricing, at times the price may be lower than the cost of the product. The profitability can be achieved later due to monopolistic situation or by cross selling their other products (Kotler, 2003).
Price Skimming: is the pricing policy adopted by the organization so that they first launch the new product at very high price so that early adopters can buy the product and then they subsequently decrease the price to get late bloomers buying the product. This pricing is practiced mostly by technology firms and is observed with the launch of new products.
Place: Place represents the location where a consumer can buy the product. It can be a physical store where the consumer can visit or can be a virtual store like a website on internet (ebay.com). It is often referred as distribution channel as it actually is the channel through which the product is received by the consumer (Kotler & Armstrong, 2010). A place can be utilized for direct as well as indirect selling. And the place can often take the shape of e-commerce altogether. (to get more information on e-commerce assignment help you can visit the section in our marketing assignment help page).
Promotion: Promotion is a communication means adopted by the marketer to communicate about the product, brand or organization to the consumers. Promotion has following four distinct elements. Advertising, personal Selling, Public relations and Sales Promotion, which can be used as such or can be used in combination to promote the product (Pride & Ferrell, 1983).
References:
Armstrong G, Kotler P (2010), Marketing: An Introduction. 10th ed New Jersey. Prentice Hall
Schultz D E, Tannenbaum S, Lauterborn R (1992) Integrated Marketing Communications. Illinois. NTC Publishing
Pride W M, Ferrell O.C (1983) Marketing: Basic Concepts and Decisions. Texas. Houghton Mifflin
Kotler P (2003). Marketing insights from A to Z: 80 concepts every manager needs to know.New Jersey. John Wiley.
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